On July 2, the prices of Bitcoin and Ethereum rose, possibly influenced by multiple news and market factors such as improvements in the macroeconomic outlook and the entry of institutional investors, as detailed below:

1. Improvement in macroeconomic outlook: The macroeconomic outlook in the United States has improved, reducing market fears of recession and enhancing investors' risk appetite, leading some funds to flow into the cryptocurrency market, driving up the prices of Bit and Ethereum.
2. Institutional Investors Entering the Market: Institutional investors' interest in cryptocurrencies continues to grow, with significant inflows into Bitcoin spot ETFs. According to data, there were inflows into the spot Bitcoin ETF for 18 out of the past 21 days, totaling $6.9 billion. At the same time, companies like Strategy and Japan's Metaplanet are actively purchasing Bitcoin, and the large-scale buying by institutions has boosted market sentiment, driving prices up.
3. Regulatory environment expectations are improving: The United States may pass a stablecoin bill, which is seen by the market as a recognition and regulation of the cryptocurrency industry, helping to stabilize market expectations and providing a more favorable development environment for cryptocurrencies such as Bitcoin, thereby driving prices up. In addition, the Trump administration is promoting the "cryptocurrency strategic reserve" plan, incorporating BTC and ETH into the national asset reserve pool, and approving the FIT21 bill, clarifying the regulatory division of labor between the SEC and CFTC, accelerating the process of global legalization.
4. Increase in the number of large wallets: Coinbase reports that the number of Bitcoin wallets holding more than $1 million has significantly increased from early 2024 to May 2025, indicating that major players in the market have gained confidence in cryptocurrencies, and their buying behavior will also have a positive impact on prices.
5. Technical Support and Market Sentiment Shift: Bitcoin has stabilized at a key support level from a technical perspective, which has triggered active speculative buying. Previously, Bitcoin's price had fallen due to macroeconomic uncertainties and other factors, but this rebound has broken the market's pessimistic expectations, shifting investor sentiment to optimism and further driving the price up.
6. Bitcoin Ripple Effect: As the leader of the cryptocurrency market, the price increase of Bitcoin often drives up the prices of other cryptocurrencies. Ethereum, as one of the mainstream cryptocurrencies, attracts investors' attention towards it when Bitcoin rises, thus pushing its price up.